Should be simple but I'm getting stuck on the formula
Building a workflow in process builder and trying to trigger an action when custom object's custom date/time field is NOW().
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Criteria are only evaluated at the moment a record is saved. This means that your rule only works if the user saves the record with the exact second in the reminder time field. Instead, make the criteria something like
NOT(ISBLANK([PFL_Showing_OLD__c].Reminder_Time__c)), then set a Scheduled Action for "0 hours after Reminder Time". Your mistake was thinking that the criteria will somehow flip to true and work automatically (a common mistake for new administrators), but that's not how Scheduled Actions (and Time-Based Workflow Rules) operate. Instead, you need to specify the criteria that should cause the action to be scheduled, then specify the scheduled action relative to the field's time value.